Edison Seeks San Diego Merger
Southern California Edison proposed today to merge with San Diego Gas & Electric Co. in a stock swap valued at more than $2 billion, even though SDG&E; last month agreed to merge with neighboring Tucson Electric Co.
SDG&E; said it would study the offer. Under Southern California’s proposal, common shareholders would receive 1.15 shares in SCE Corp., the parent of Southern California, for each of their shares, or a total of $2.03 billion. Holders of SDG&E; preferred stock would receive SCE shares in a similar exchange, the San Diego company said.
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